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Discontinued Operations (Tables) | 12 Months Ended
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Dec. 30, 2017
Discontinued Operations Tables |
Discontinued operations |
(A) Consideration received |  |  |  |  | (C) Carrying value of the Lab Business |  |  |
|  | Amount |  |  |  | Assets disposed |  | Carrying value |
Cash payment |  | $ | 6,750,000 |  |  |  | Leasehold improvements and equipment, net |  | $ | 1,427,000 |
Cash payment held in escrow (1) |  |  | 750,000 |  |  |  | Prepaid expenses |  |  | 11,000 |
Additional earnout payment |  |  | - |  |  |  | Deposits |  |  | 20,000 |
|  | $ | 7,500,000 |  |  |  |  |  |  |  |
|  |  |  |  |  |  | Liabilities disposed |  |  |  |
(B) Selling costs |  |  |  |  |  |  | Deferred revenue |  |  | (7,000 | )
|  | Amount |  |  |  | Deferred rent |  |  | (215,000 | )
Legal |  | $ | 428,000 |  |  |  |  |  |  |  |
Financial consulting |  |  | 250,000 |  |  |  |  |  |  |  |
Other |  |  | 118,000 |  |  |  |  |  |  |  |
|  | $ | 796,000 |  |  |  | Net assets |  | $ | 1,236,000 |
Gain from disposal (A) - (B) - (C) |  | $ | 5,468,000 |  |  |  |  |  |  |  |
(1) $750,000 is expected to be held in escrow until March 2019 to satisfy any indemnification claims. |
The sale of the Lab Business qualifies as a discontinued operation as the sale represents a strategic shift that has (or will have) a major effect on operations and financial results. The results of operations from the discontinued operations for the years ended December 30, 2017, December 31, 2016 and January 2, 2016 are as follows:
Statements of Operations - Discontinued operations |  |  |  |  |  |  |  |  |  |
Years Ended December 30, 2017, December 31, 2016 and January 2, 2016 |
|  | 2017 |  |  | 2016 |  |  | 2015 |  |  |  |
Sales |  | $ | 2,820,631 |  |  | $ | 5,146,438 |  |  | $ | 4,129,254 |  |  |  |
Cost of sales |  |  | 2,478,827 |  |  |  | 3,615,840 |  |  |  | 3,182,851 |  |  |  |
Gross profit |  |  | 341,804 |  |  |  | 1,530,598 |  |  |  | 946,403 |  |  |  |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales and marketing |  |  | 482,134 |  |  |  | 692,376 |  |  |  | 818,920 |  |  |  |
General and administrative |  |  | 150,171 |  |  |  | 178,446 |  |  |  | 215,220 |  |  |  |
Operating expenses |  |  | 632,305 |  |  |  | 870,822 |  |  |  | 1,034,140 |  |  |  |
Operating income (loss) |  |  | (290,501 | ) |  |  | 659,776 |  |  |  | (87,737 | ) |  |  |
Nonoperating income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | (24,639 | ) |  |  | (36,366 | ) |  |  | (45,791 | ) |  |  |
Nonoperating expenses |  |  | (24,639 | ) |  |  | (36,366 | ) |  |  | (45,791 | ) |  |  |
Income (loss) from discontinued operations |  | $ | (315,140 | ) |  | $ | 623,410 |  |  | $ | (133,528 | ) |  |  |
The assets and liabilities that are classified as held for sale as of December 31, 2016 are as follows:
|  | Dec. 31, 2016 |
Current assets held for sale |  |  |
Prepaid expenses |  | $ | 18,315 |
Leasehold Improvements and Equipment, net |  |  | 1,333,203 |
Deposits |  |  | 19,675 |
Total assets held for sale |  |  | 1,371,193 |
Deferred rent |  |  | 184,766 |
Total liabilities held for sale |  | $ | 184,766 |
Depreciation, capital expenditures and significant noncash investing activities of the discontinued operations for the years ended December 30, 2017, December 31, 2016 and January 2, 2016 are as follows:
|  | 2017 |  |  | 2016 |  |  | 2015 |
Depreciation |  | $ | 169,250 |  |  | $ | 254,755 |  |  | $ | 234,010 |
Purchase of leasehod improvements and equipment |  | $ | 111,232 |  |  | $ | 313,842 |  |  | $ | 190,632 |
Noncash investing activity |  |  |  |  |  |  |  |  |  |  |  |
Capital lease obligation incurred for the purchase of equipment |  | $ | - |  |  | $ | 156,655 |  |  | $ | 303,933 |
Retirement of fully depreciated equipment - cost |  | $ | 55,947 |  |  | $ | 76,050 |  |  | $ | 119,888 |
Retirement of fully depreciated equipment - accumulated depreciation |  | $ | (55,947 | ) |  | $ | (76,050 | ) |  | $ | (119,888 | )

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